Xinxi Wang, the Director of the Litecoin Foundation and CEO of Coinnut exchange, in a recent interview, opined that Proof-of Stake [PoS] protocol had no advantage over Proof-of-Work [PoW]. At a time when a significant portion of the crypto community is in conflict over Bitcoin [BTC] mining’s massive energy consumption, Wang stated:
“People criticized that PoW consumes energy. But that energy was used for good, i.e., security.”
Staking enables the users who already possess substantial stakes in a particular cryptocurrency in the network to earn more rewards. Criticizing the PoS protocol, Wang asserted that the rich get richer, and said:
“.. if a group of people controls more than 51%, no one can break that control, while for PoW, you can invest more hash power to break the control.”
Wang also spoke about the Financial Underground Kingdom during the interview. Wang, who also happens to be a skilled coder, said that between the two Proof-of-Work [PoW] implemented platforms – Bitcoin and Litecoin, he chose Litecoin [LTC] because of its efficient confirmation time and cost-effective features.
However, he did acknowledge Bitcoin’s security features, its use for large transfers, and the network’s decent storage value, stating that both the leading crypto assets had ‘unique niche markets’.
Xinxi Wang also spoke about Litecoin’s upcoming implementation of MimbleWimble and CT to address fungibility issues. Wang called it better than Monero’s ring signature-based Confidential Transaction feature, suggesting that the latter caused scalability issues. MimbleWimble on the other hand, he said, did not have such an issue as it was essentially “CT + CoinShuffle”.
Wang’s affirmation of MimbleWimble comes a few weeks after the creator of Litecoin, Charlie Lee was all praises for the protocol on an episode of Magical Crypto Friends. He said:
“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”
When asked about the much-awaited Litecoin [LTC] halving, Xinxi Wang commented:
“Check 2015. Perhaps this year can be even better than in 2015 because of lightning network and the coming privacy features.”
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